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Thyrocare is a leading diagnostics company with focus on providing low cost services. It is a secular growth story due to increased healthcare spending and awareness about spending on medical testing particularly in a post covid world. Imaging business is in investment mode and could provide material contribution 2-3 years down the line. Increased competition is a risk factor but the company has cost leadership. Low market share and presence of large unorganized segment provides headroom for growth. After setbacks during lockdown periods, revenues have been driven due to Covid-19 testing and are gradually normalizing. We have an over weight rating due to excellent long term prospects as Covid test revenues will be replaced by other diagnostic testing – 12-05-2021 Price: 1034.50 Rating: Over Weight Recommendation: Buy

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